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B) at the time of application offer Net death benefit will be reduced if the loan is not repaid No interest will be charged on loan balance Term life policies are the only type of insurance that allows policy loans A loan can be taken out for up to the face amount of the policy, Ownership of a life insurance policy may be temporarily transferred with a(n) collateral assignment absolute assignment transferable assignment beneficiary assignment, provide evidence of insurability to the insurer, In order to activate the reinstatement clause of a lapsed life insurance policy, the insured MUST remit all past-due premiums within the grace period provide evidence of insurability to the insurer resubmit a new life insurance application provide a valid reason for the lapse, Which of the following is considered to be an alternative to a life settlement? C) insurer purpose, Insurable interest does NOT occur in which of the following relationships? Policy Application Riders Certificate of Authority, A life insurance rider that allows an individual to purchase insurance as they grow older, regardless of insurability, is called a(n) guaranteed term rider guaranteed insurability rider accelerated benefit rider cost of living rider, The suicide clause of a life insurance policy states that if an insured commits suicide within a stated period from the policy's inception, the insurer will only be liable for a return of premiums paid minus indebtedness and with interest during the last 12 months minus indebtedness and without interest during the last 6 months, A life insurance policyowner does NOT have the right to change a beneficiary select a beneficiary take out a policy loan revoke an absolute assignment, A life insurance policy normally contains a provision that restricts coverage in the event of death under all of the following situations EXCEPT fare-paying passenger pilot of personal airplane suicide war, The insurer's obligation to pay a death benefit upon an approved death claim, Under a life insurance policy, what does the insuring clause state? It is a nonprofit organization that maintains underwriting information on applicants for life and health insurance. Proof of insurabiilty Changes in the insuring clause Premium increase Premium decrease, What is the name of the provision which states that a copy of the application must be attached to the policy when issued? A) Authority given in writing to an agent in the agency agreement Insurable interest can be based on the love and affection of individuals related by blood or law An applicant intentionally lying to an insurance company on an application in order to obtain a cheaper premium is an example of Sorry, you have Javascript Disabled! The terms of the policy typically outline these conditions . other insurance D) Terminate the agent, Insurable interest does NOT occur in which of the following relationships? B) A contract that has the potential for the unequal exchange of consideration for both parties C) claim forms The terms of the policy typically outline these conditions, which may include paying premiums on time and maintaining the insured property in good condition. Premium clause Consideration clause Adhesion clause Contestability clause, When the principal gives the agent authority in writing, it's referred to as express authority implied authority apparent authority imposed authority, Ambiguities in an insurance policy are always resolved in favor of the insured producer insurer underwriter, ______ is NOT an element of a valid contract. B) Offer and acceptance B) Contract of adhesion Which of the following is NOT considered rebating? What are an applicants statements concerning occupation, hobbies, and personal health history regarded as? Competent parties Offer and acceptance Consideration Legal purpose, What are an applicant's statements concerning occupation, hobbies, and personal health history regarded as? How do insurers predict the increase of individual risks? Policyowner may increase or decrease the premium payments Policyowner may increase or decrease the face amount Policyowner can contribute large sums of money Policyowner has the right to select the investment which will provide the greatest return, All of the following riders can increase the death benefit amount EXCEPT Cost of Living Waiver of Premium Accidental Death Rider Guaranteed Insurability, Which of these is NOT considered to be a common life insurance nonforfeiture option? Eventually, they retire and dissolve the business. What is this called? B) Apparent A) Express authority Adhesion clause Since each partner contributes an important element to the success of the business, they decide to take life insurance policies out on each other, and name each other as beneficiaries. Answer Explanation: A contract that requires certain conditions or acts by the insured individual. Parent and children C) Implied A minimum of 12 months after date of purchase, Insurance premium is determined by each of the following factors EXCEPT. What is this an example of? Risk Hazard Indemnity Peril, Insurance companies determine risk exposure by which of the following? weegy. Child term rider Payor rider Family maintenance rider Family income rider, What happens to the coverage under a children's term rider when that child reaches a certain specified age? Sister and brother Accelerated death benefit rider Waiver of premium rider Extended term option Decreasing term insurance. B) Indemnity Connect with others, with spontaneous photos and videos, and random live-streaming. Which type of clause describes the following statement: "We have issued the policy in consideration of the representations in your applications and payment of the first-term premium". (B) Both parties adhere to the contract. How could a company manager use a process cost summary to determine if the program to reduce water usage is successful? renewal reinstatement resumption renovation, the MEC tends to be an investment vehicle, Pre-death distributions from a modified endowment contract (MEC) receive different tax treatment than other life insurance policies because the MEC has tax deductible premiums the MEC is considered an illegal product the MEC tends to be an investment vehicle the MEC does not accumulate cash value, The face amount and premium will remain constant over the 10-year period, Krissa purchases a 10-year level term life insurance policy that has a death benefit of $200,000. Post thoughts, events, experiences, and milestones, as you travel along the path that is uniquely yours. Options A) A contract that requires certain conditions or acts by the insured individual B) A contract that has the potential for the unequal exchange of consideration for both parties C) A contract where one party "adheres" to the terms of the contract D) Only the insured is legally bound, Bob and Tom start a business. B) Period to which the coverage exists A) warranty Because of this, an insurance contract is considered definitions D) Personal contract, The importance of a representation is demonstrated in what rule? Which type of life insurance offers flexible premiums, a flexible death benefit, and the choice of how the cash value will be invested? A Dalhousie University student training for distance running finds that, after running for x hours, her distance traveled, in kilometers, is given by, y=f(x)={10xif0x35x+15if3